Economics 12th Edition by William Baumol, Alan S Blinder

Exercise 5

To understand how much the free-enterprise economy has increased living standards, try to envision the daily life of a middle-class family in a major American city just after the Civil War, when the average purchasing power is estimated to have been less than one-ninth of today's. What do you think they ate How much clothing did they own What were their living quarters like What share of their budget was available for vacations and entertainment